In 2006, China Revised Its Law and Moved TowardsChinese Accounting

question 56

True/False

In 2006, China revised its law and moved towardsChinese accounting standards which are more in line with IASB.

---

Definitions:

Dependent Demand

The need for materials or components directly tied to the demand for final products, where changes in the product demand impact the demand for materials.

Independent Demand

Independent demand is the need for a finished product or service that is not directly influenced by the demand for other products or services.

ERP

Enterprise Resource Planning; a software that integrates core business processes into one system.